Tak Investments, Inc. will invest $60 million to establish a recycled tissue plant in Isle of Wight County. The company subsidiary, ST Tissue, will recycle waste paper into tissue for napkins and towels using part of International Papers Franklin mill. The project will create 85 new jobs. Virginia successfully competed against Wisconsin for the project.
Headquartered in Gaithersburg, Maryland, Tak Investments is owned by Washington, D.C.-area entrepreneur Sharad Tak, who got his start in providing computer programming services to the Federal government. Mr. Tak owns companies in several lines of business, including power generation, engineering and information technology.
We enjoy the challenge of helping rebuild communities that we do business in, said Sharad Tak, President and CEO of Tak Investments, Inc. A few years ago we acquired a struggling tissue mill in Oconto Falls, Wisconsin, and, with help from the workforce and the surrounding community, we were able to transform the facility into a successful business. We envision the same sort of success here in Franklin, Virginia, because the community has been incredibly supportive of our project and the talent base here is also exceptional.
The Virginia Economic Development Partnership worked with Isle of Wight County to secure the project for Virginia. Governor McDonnell approved a $200,000 grant from the Governor's Opportunity Fund to assist Isle of Wight County with the project. The company is eligible to receive state benefits from the Virginia Enterprise Zone Program, administered by the Virginia Department of Housing and Community Development. Through its Virginia Jobs Investment Program, the Virginia Department of Business Assistance will provide funding and services to support the companys recruitment, training and retraining activities.